Miss the tax filing date? A Minneapolis tax attorney can help you!
Listen, sometimes you’re late on a few things. It happens to the best of us. But when it happens with your taxes, you’re going to want to make sure you take care of it as soon as possible, especially if you owe. The IRS reported that in early April that two out of three people had already filed their taxes this year, so don’t feel too bad about being in the 1/3 of working Americans that didn’t.
First thing is first, don’t stress too hard. Even if you don’t have the money to pay at the time, don’t put off on filing the paperwork. Just like everything else in life, communication is key. Staying in contact and giving every party involved a clear picture of the situation will serve you well in the long run. The Washington Post ran the numbers and found that if you file your paperwork and pay late on a $5,000 tax bill, it will save you nearly $250 as opposed to just waiting until you can pay.
Sure, there will be penalties for late payment, but to keep them from compounding over time. If the payment is too much to deal with, making an “offer in compromise” may buy you some time and piece of mind.
If all of this is just going right over your head, a good option for you would be to find a tax attorney. Whether you’re looking for a Minneapolis tax attorney or a tax attorney in Sacramento, Tax Tiger can help you manage any late paperwork and get you headed in the right direction.
The good news is that if you’re owed money, you won’t be hit with a fine. However, if you file an extension, you’re still help accountable for the late fees and interest. In order to avoid any penalties when filing an extension, you’ll need to come up with 90% of your tax bill to keep the dogs on the leash. If the bill is too great the IRS also allows you to pay installments as well.
The best bet for your pocketbook and piece of mind is to get a hold of the professionals at Tax Tiger. They will fight to save you the most money and possibly save you in penalties and fees.
Source ( 5 Things to know if you missed the Tax Deadline – April 19, 2105 – Cheatsheet.com)
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